Ares-backed CoolSys buys Richmond Refrigeration Service

CoolSys has acquired Ashland, Virginia-based Richmond Refrigeration Service, a commercial refrigeration and air conditioning service serving Virginia, Maryland, North Carolina and West Virginia.

CoolSys has acquired Ashland, Virginia-based Richmond Refrigeration Service, a commercial refrigeration and air conditioning service serving Virginia, Maryland, North Carolina and West Virginia. No financial terms were disclosed. CoolSys is backed by Ares Management Corporation.

PRESS RELEASE

BREA, Calif.–(BUSINESS WIRE)–CoolSys™, a parent of market-leading refrigeration and HVAC services companies nationwide, has acquired Richmond Refrigeration Service, an established commercial refrigeration and air conditioning service serving Virginia, Maryland, North Carolina and West Virginia. This is the second acquisition made by CoolSys in the Mid-Atlantic region in the past seven months, and the second acquisition the company has made during the month of June as it continues its M&A growth strategy backed by its private equity investor, Ares Management.

“The acquisition of Richmond Refrigeration complements our acquisition of BRR Refrigeration seven months ago, giving us coverage across the entire state of Virginia while strengthening our presence in Maryland, West Virginia and North Carolina as well,” comments Adam Coffey, CEO of CoolSys. “The Richmond Refrigeration team has a long history and excellent reputation in their region and we are excited to welcome them into the CoolSys family. This is another key step in becoming a true national solutions provider.”

Based in Ashland, Virginia, Richmond Refrigeration Services specializes in the service and installation of a wide range of supermarket refrigeration systems and applications. Its convenience store division provides a full-service team of plumbers, electricians, food service technicians, HVAC/R technicians and maintenance personnel. Both of its service divisions are highly ranked by their major customers who use scoring systems with top key performance indicators (KPIs) that rank them among the highest-performing contractors across the United States.

“We know some of the folks at CoolSys and some of their recent acquisitions, and are very excited to join their growing team,” comments John Lollar, president of Richmond Refrigeration Service. “The combination of Richmond’s heritage and reputation with CoolSys’ broad spectrum of solutions will allow us to bring even greater value to our customers and growth opportunities for our employees.”

About CoolSys
CoolSys is the market-leading refrigeration and HVAC services company, specializing in a full spectrum of best-in-class service experiences and solutions for customers in the retail, food service, commercial and industrial market segments. CoolSys and its operating businesses cover every stage of mission-critical systems from engineering and design, to installation, service and maintenance, and energy optimization.

Headquartered in Southern California, CoolSys has more than 1,900 highly trained, field-based service and installation experts serving the daily needs of more than 4,000 customers across North America. For additional information, please visit www.coolsys.com.

About Richmond Refrigeration Service
Established in 1954, Richmond Refrigeration Service is one of Virginia’s oldest commercial refrigeration, air conditioning service, and installation companies. The company provides routine service and maintenance, 24/7 emergency service, and installation work in supermarkets, convenience stores, restaurants, bars, cafes, and distribution centers across the state of Virginia as well as parts of Maryland, North Carolina, and West Virginia.